Gleacher & Company Announces Update on Planned Dissolution

ALBANY, N.Y.--(BUSINESS WIRE)--Gleacher & Company, Inc. (OTC Pink:GLCH) (the “Company”) announced today
an update on the status of its previously disclosed plan to dissolve and
liquidate. The Company anticipates filing a certificate of dissolution
with the Secretary of State of the State of Delaware, which is expected
to become effective as of the close of business (5:00 P.M. Eastern Time)
on July 28, 2014. Filing of the certificate of dissolution was approved
by stockholders at the Company’s annual meeting held on May 29, 2014.

The Company anticipates making an initial liquidating distribution of
$4.05 per share of the Company’s common stock (approximately $25 million
in the aggregate). The $5 million aggregate increase in the anticipated
initial liquidating distribution, as compared to prior estimates,
represents the distribution of a portion of the proceeds received by the
Company from the previously announced sale of a portfolio company in the
Company’s FA Technology Ventures private equity investment. Stockholders
of record as of the time and date that the certificate of dissolution
becomes effective, currently anticipated to occur on July 28, 2014,
would be entitled to receive the distribution. The Company anticipates,
to the extent practicable, payment of such distribution to occur no
later than August 15, 2014.

The Company expects to make one or more additional liquidating
distributions to such stockholders of record. However, the Company is
unable to predict the amount or timing of any subsequent liquidating
distribution, which will depend upon expenses incurred by the Company,
the timing of the resolution of matters for which the Company has
established reserves, the amount to be paid in satisfaction of
contingencies, the Company’s ability to convert its remaining non-cash
assets into cash and the ultimate amount of proceeds realized upon the
monetization of its non-cash assets, including claims we have made or
may make in the future against third parties and the Company’s
investment in FATV.

Upon effectiveness of the certificate of dissolution, the Company will
close its stock transfer books and discontinue recording transfers of
shares of its common stock on its books and records. At such time,
record ownership of the Company’s common stock will no longer be
assignable or transferable, except for assignments by will, intestate
succession or operation of law or transfers otherwise permitted under
applicable law. Securities brokers may make a market for beneficial
interests in our common stock in the "over-the-counter" market. If so,
there can be no assurance regarding the liquidity or duration of any
such market.

In anticipation of the filing of the certificate of dissolution, the
Company’s common stock has been delisted from the NASDAQ Global Market.
In addition, the Company has filed with the Securities and Exchange
Commission a Certification and Notice on Form 15 to deregister under the
Securities Exchange Act, suspending the Company’s obligation to file
periodic and current reports (Form 10-K, Form 10-Q and Form 8-K). The
Company does not intend to file any such reports voluntarily, but it
intends to continue to make unaudited financial information and other
important information regarding the Company available on its website at www.gleacher.com.

About Gleacher & Company

Gleacher & Company, Inc. is incorporated under the laws of the State of
Delaware.

Forward-looking statements

This press release contains “forward-looking statements.” These
statements are not historical facts but instead represent the Company’s
belief or plans regarding future events, many of which, by their nature,
are inherently uncertain and outside of the Company’s control. The
Company’s forward-looking statements are subject to various risks and
uncertainties, including the risks and other factors identified herein
and in other public disclosures made by the Company from time to time,
including disclosures made on the Company’s website. As a result, the
Company’s actual results may differ materially from those expressed or
implied by these forward-looking statements. Forward-looking statements
include, without limitation: statements regarding the delisting and
deregistration of the Company’s common stock and the dissolution and
liquidation of the Company, including the Company’s expectations with
regard to liquidating distributions. Forward-looking statements involve
known and unknown risks, uncertainties and other important factors that
could cause our actual actions, performance or achievements to differ
materially from the Company’s expectations expressed or implied by such
forward-looking statements. Although the Company believes that the
expectations reflected in any forward-looking statements are reasonable,
it cannot guarantee future events or results. Except as may be required
under federal law, the Company undertakes no obligation to update any
forward-looking statements for any reason, even if new information
becomes available or other events occur.